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Do not be bullied by the IRS, fight back!
If you need to get an immediate release of a bank levy freeze by the Internal Revenue Service contact us today and speak directly to former IRS agents and managers.
We have over 60 years of working directly for the Internal Revenue Service  in the local, district, and regional tax offices of the Internal Revenue Service.
We know the exact protocol and tax strategies that needs to be employed to get immediate releases of the bank levy freeze.
We have got hundreds upon hundreds of immediate release on a  IRS bank levy freeze.
We are A+ rated by the Better Business Bureau and have been in private practice since 1982. We have 206 years a professional tax experience in dealing with the Internal Revenue Service.
You can contact us today for a free initial consultation and you can start the process to get your money back today.
 
 

The Good News, the Holding Period for the IRS Bank Levy

 
The IRS cannot immediately take your money out of a financial institution. There is a freeze or holding period.
A bank must wait 21 calendar days after a levy is served before sending payment. Then, on the next business day, it must turn over the taxpayer’s money.
It is critical that the taxpayer send or fax to IRS a current financial statement along with all documentation to start the process to get immediate release of the IRS bank levy freeze. If you can do this on the day you get the bank levy freeze you will be eligible for immediate release of the bank levy.
Please Note – This financial statement is a form 433-F.  That form must be completed and sent to the Internal Revenue Service. You can find this form on our website.
 
 

The Process of getting a Immediate a  release of a IRS Bank Levy Freeze

 
 
There is a very exact system to get immediate release of a IRS bank levy freeze.
As a general rule, the Internal Revenue Service has sent out three or four notices to the taxpayer who has not responded to the final notice. That final notice describes the information regarding the seizure action that the IRS considered on your case.
In many cases because the taxpayers have moved and they have never received the final notices from the Internal Revenue Service.
The next step is for the CADE2 computer system which is the IRS enforcement computer to systemically issue either a bank levy freeze or a wage garnishment notice to the taxpayers employer.
 
Before the Internal Revenue Service will release a bank levy freeze or a wage garnishment the Internal Revenue Service will need a current financial statement to determine how to close the case within their system.
 
IRS will evaluate each taxpayer’s ability to pay after it receives a fully documented financial statement.
The IRS will then determine which of the three closing method best suits the taxpayer based on their current financial statement.
 
Once the taxpayer agrees to the closing method that the IRS suggests the agent working the case will send an immediate release of the bank levy freeze to the financial institution.
It should be known that the taxpayer has a right at any time to appeal the closing method that IRS suggests.
 
 

As a general rule the Internal Revenue Service will close a  case one of three ways and release the bank levy freeze

 
 
IRS may recommend that you should be eligible for economic tax hardship and place you into a currently not collectible file, they may determine that you should be able to make current installment payments, or they may decide that you are a suitable candidate for an offer in compromise.
Remember everything is based on your current financial statement that’s why it is critical that a professional tax resolution specialist prepare your statement and negotiate with the Internal Revenue Service.
 
 

To get an Immediate Release a taxpayer need to,

 
To get an immediate release of a bank levy freeze a taxpayer should fully and accurately complete the 433F along with having all documentation to support that statement.
If a taxpayer calls us with the completed an accurate 433F financial statement along with all documentation  that supports the financial statement, as a general rule, we can get an immediate release of the bank levy freeze that very day.
It is critical that you have all documentation to support your financial statement along with having copies of your last pay stubs last 3 to 6 months worth of bank statements.
 
 

The IRS does not wish to send out a IRS Bank Levy Freeze

 
It should be known that the Internal Revenue Service does not wish to levy but has no choice because the taxpayers did not respond to the bills and notices sent to the last known address. It is critical when taxpayers move or change addresses to contact the IRS with their current address so they can receive all bills, notices, and other correspondence at the Internal Revenue Service sends out.
 
 

Other Important information to get a Release of a IRS Bank Levy Freeze

 
 
The Law on the Holding Period
A bank must wait 21 calendar days after a levy is served before sending payment. Then, on the next business day, it must turn over the taxpayer’s money.
The depositor(s) can waive this waiting period. The bank will not send money that is subject to attachment or execution under judicial process.
“Bank” includes credit unions, savings and loan associations, trust companies, and others described in IRC 408(n) and Treas. Reg. §301.6332–3(b).
During the holding period, a levy might be released, or the amount owed could decrease.
If the bank receives no release, it must send the payment after the holding period.
No additional notice is required.
 
 

Bank Liaison Information

 
The holding period was created to settle disputes about ownership of bank accounts before money is sent.
Assign a bank liaison in each territory to settle these issues quickly.
Sometimes ownership is not settled before the holding period ends. If this happens, ask the bank for more time.
 
 

For Multiple Signature Authority for a Bank Account

 
 
A levy served to a bank attaches to funds in a bank account for which the taxpayer has an unrestricted right to withdraw funds (signature authority) even if multiple persons have signature authority for that bank account.
As noted in Treasury Regulation 301.6332–1(c)(4) the unrestricted right to withdraw funds is an interest which is subject to levy.
 
 

Amount that Must be Surrendered

 
 
The bank must send the amount in the taxpayer’s accounts.
A bank levy attaches to any property or rights to property that belong to the taxpayer or on which there is a Federal tax lien, unless it is exempt. See IRC 6331, Levy and Distraint , for legal authority to levy.
However, it must send no more than the amount shown on the notice of levy.
Note:
By law, banks cannot immediately honor the IRS levy.
 
 

Key element of a Bank Levy

 
 
The notice of levy only reaches the amount on deposit when the levy is received.
Money deposited later is not surrendered, including deposits during the holding period.
Another levy must be served to reach this money. Also, the levy only reaches deposits that have cleared and are available for the taxpayer to withdraw.
Levy proceeds must not be reduced by any fee charged by the bank for processing the levy.
 
 
 

Crediting Levy Payments

 
Credit the levy payment on the date it is received.
Credit the money in the most advantageous way to the government.
Generally, apply the money to the oldest assessment first.
The taxpayer can not designate how the money is applied because this is not a voluntary payment.
 
 

Income Deposited in a Bank Account

 
 
Part of taxpayer’s income is exempt from levy.
Once income is deposited in a bank, there is no exempt amount.
On the other hand, unlike a levy on wages and salary, a bank levy is not continuous.
When an entire paycheck is deposited, an economic hardship may exist because all of the money is levied. If this happens, release the levy in whole or in part, as appropriate, to avoid creating an economic hardship.
 
 

Economic Hardship to get your Bank Levy Release

 
Under IRM 5.11.2.2.1.4, Economic Hardship Provisions the IRS may determine to release of levy is required due to economic hardship.
A levy is required to be released when the Service determines the levy is creating an economic hardship, i.e., the levy will cause the individual to be unable to pay their reasonable necessary living expenses.
Generally, if a taxpayer cannot pay their current bills and they are living within their means, that is to say they are living within the national and regional standards  as set forth by the IRS, they can be qualified as an economic tax hardship and be placed in the currently noncollectable file.
When that can be proven to the Internal Revenue Service the IRS will issue an immediate release of the bank levy freeze or wage garnishment.
 
 

What about Mortgage Escrow Accounts

 
 
Banks generally require a portion of property taxes and insurance to be paid with each mortgage payment. This is held in escrow until the tax and insurance are paid. As long as the taxpayer can not withdraw money in these accounts, a levy can not reach it.
Sometimes the account is overpaid.
The taxpayer may have the option to get this refunded.
A levy can reach this.
Also, when property is sold, there may be escrow money that will be refunded to the taxpayer. A levy can reach this, too.
 
 

Schools’ Bank Accounts

 
Bank accounts may be levied to collect taxes that colleges, universities, and other schools owe. These schools’ accounts may include money belonging to the Department of Education (ED). ED gives money to some schools for student aid. This is not the school’s money.
 

Affordable – Get Immediate Release of Bank Levy Freeze – Get your money BACK TODAY, Former IRS